GB&T Bancshares, Inc. reports second quarter earnings

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Posted 10:01AM on Thursday, July 18, 2002

GAINESVILLE - The Board of Directors of GB&T Bancshares, Inc. has declared a cash dividend of 8-1/2 cents per share for the quarter ending June 30, 2002. The dividend was declared on July 15, 2002, for payment on July 30 to stockholders of record as of July 19, 2002. This represents a 6.3% increase over the dividend declared for the same period in 2001 and a 9.7% year-to-date increase over the dividend declared for the first six months in 2001. The dividend is based on second quarter earnings of $1,479,000, which is ahead of profit plan and an increase of 17.3% over consolidated second quarter 2001 earnings of $1,261,000. Earnings for the first six months of 2002 were $2,976,000, which is an increase of 28.4% over earnings for the same period in 2001. This translates to second quarter and year-to-date 2002 diluted earnings per share of $.30 and $.61 respectively, compared to consolidated diluted earnings per share of $.26 and $.47 for the same periods in 2001, representing a year-to-date increase of 29.8%. Second quarter 2001 earnings have been adjusted for non-recurring merger expenses. GB&T Bancshares, Inc. is the parent company of Gainesville Bank & Trust in Hall County, United Bank & Trust in Polk County, Community Trust Bank in Paulding County and Community Loan Company. On June 14 GB&T announced that the company had entered into an agreement and Plan of Reorganization to merge HomeTown Bank Of Villa Rica into GB&T's network of financial companies. Upon completion of the merger, GB&T Bancshares will have total assets approaching $700 million with equity in excess of $52 million. Total assets for GB&T Bancshares as of June 30, 2002, had increased to $581 million, up 8.6% over the past twelve month period. "We are pleased with the company's strong performance in the first six months of 2002," commented President and CEO Richard Hunt. "GB&T continues to enjoy strong growth and healthy earnings, while operating in a complex economic environment." Philip Wilheit, recently named GB&T Board Chairman, added, "Our strength lies in the company's commitment to traditional community banking and a focus on delivering quality customer service. This approach to doing business extends throughout our organization and is evident in the markets we serve."